Press release
Prominent Generic Oncology Drugs Market Trend for 2025: Novel Formulations Transforming Generic Oncology Drugs Market
Generic Oncology Drugs Market
The upward trend in cancer incidence is predicted to fuel the expansion of the generic oncology drugs market. Cancer, characterized by unregulated cell proliferation affecting numerous organs, results in considerable morbidity and mortality globally. The provision of affordable generic oncology drugs is an instrumental factor in cancer care, expanding access to vital treatments, spurring market competition, and lowering healthcare expenses. For example, data from the National Cancer Institute (NCI), an American government agency, in January 2022 revealed that around 5.4% of the population, or about 18.1 million people, in the United States survived cancer. Additionally, in 2022, 623,405 individuals had metastatic cancer in the breast, prostate, lung, colorectal or bladder, or metastatic melanoma, a figure expected to increase to 693,452 by 2025. Hence, the substantial increase in cancer patients is propelling the growth of the generic oncology drugs market.
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What is the future CAGR of the generic oncology drugs market, and how will it impact industry expansion?
Over the past years, the market size for generic oncology drugs has experienced significant growth. Predictions show that it is poised to increase from $27.24 billion in 2024 to $29.15 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 7.0%. This substantial growth in the past can be attributed to several factors including the expiration of patents, efforts to control healthcare costs, a rise in cancer cases, health insurance coverage, and physicians' prescription practices.
There is projected significant expansion in the size of the generic oncology drugs market over the upcoming years, with an expected worth of $38.16 billion by 2029, experiencing a compound annual growth rate (CAGR) of 7.0%. This growth during the expected period stems from factors such as approvals of biosimilars, rising competition, the implementation of telemedicine and remote care, customized treatment methods, and pricing pressure. The future period is likely to witness major trends like enhanced pharmacovigilance, more streamlined regulations, a focus on combination therapy, precision in generic oncology medicines, and wider market access.
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What are the most significant trends transforming the generic oncology drugs market today?
Innovative drug formulations are emerging as a significant trend in the generic oncology drugs market. Predominant firms in this realm are working towards creating unique drug delivery systems, adjusted release formulations, and other dosage variations to enhance patient adherence and maintain a strong market presence. For instance, MSN Laboratories Private Limited, a pharmaceutical company based in India specializing in generic drugs, introduced Palborest in January 2023. This marks the world's first generic Palbociclib tablets for progressive breast cancer treatment. It offers a budget-friendly alternative to the innovator tablet while maintaining bioequivalence, offering a distinct edge over capsules due to its ability to be consumed with or without food and combined with antacids or proton pump inhibitors. Moreover, the absence of lactose and gelatin in the tablet formulation boosts the efficacy of the drug.
Which key market segments comprise the generic oncology drugs market and drive its revenue growth?
The generic oncology drugs market covered in this report is segmented -
1) By Molecule Type: Large Molecule, Small Molecule
2) By Route Of Administration: Oral, Parenteral
3) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacies, Managed Care Institutions
Subsegments:
1) By Large Molecule: Monoclonal Antibodies, Biologics, Biosimilars
2) By Small Molecule: Chemotherapeutics, Targeted Therapy Agents, Hormonal Therapy Drugs
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What regions are at the forefront of generic oncology drugs market expansion?
North America was the largest region in the generic oncology drugs market in 2024. The regions covered in the generic oncology drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the generic oncology drugs market?
Major companies operating in the generic oncology drugs market include Pfizer Inc., AbbVie, Novartis AG, Bristol-Myers Squibb Company, AstraZeneca Plc, Abbott Laboratories, Fresenius Kabi AG, GlaxoSmithKline PLC, Eli Lilly and Company, Merck & Co. Inc., Baxter International Inc., Mylan N.V., Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., Aurobindo Pharma Limited, Cipla Inc., Hikma Pharmaceuticals, Endo Pharmaceuticals Inc., Aspen Pharmacare Holdings Limited, Lupin Limited, Towa Pharmaceutical Co Ltd, Torrent Pharmaceuticals Ltd., Cadila Healthcare Ltd., Accord Healthcare
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What Is Covered In The Generic Oncology Drugs Global Market Report?
• Market Size Forecast: Examine the generic oncology drugs market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the generic oncology drugs market for a structured understanding.
• Key Players Overview: Analyze major players in the generic oncology drugs market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the generic oncology drugs market.
• Segment Contributions: Evaluate how different segments drive overall growth in the generic oncology drugs market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the generic oncology drugs market.
• Industry Challenges: Identify potential risks and obstacles affecting the generic oncology drugs market.
• Competitive Landscape: Review strategic developments in the generic oncology drugs market, including expansions, agreements, and new product launches.
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